Real Money

PICO Holdings, Inc. Announces Results For The Second Quarter And First Half Of 2013

LA JOLLA, Calif., Aug. 9, 2013 (GLOBE NEWSWIRE) -- PICO Holdings, Inc. (Nasdaq:PICO) reported shareholders' equity of $454.2 million ($19.97 per share) at June 30, 2013, compared to $460.2 million ($20.24 per share) at March 31, 2013 and $473.2 million ($20.82 per share) at December 31, 2012. Reported book value per share attributable to PICO shareholders decreased by $0.85, or 4.1%, during the first half of 2013.

FIRST HALF SEGMENT RESULTS OF OPERATIONS

For the first six months of 2013, PICO reported a net loss of $22.7 million ($1.00 per share), compared to a net loss of $20.3 million ($0.89 per share) in the first six months of 2012. Our first half segment results of operations are (in thousands):

2013

2012

REVENUE BY OPERATING SEGMENT:

Water Resource and Water Storage Operations

$ 25,032

$ 1,811

Real Estate Operations

39,930

5,413

Agribusiness Operations

84,479

9,684

Enterprise Software

9,247

Corporate

3,326

1,327

Total Revenue

$ 162,014

$ 18,235

INCOME (LOSS) BEFORE TAXES BY OPERATING SEGMENT:

Water Resource and Water Storage Operations

$ 2,536

$ (2,979)

Real Estate Operations

(2,470)

(3,756)

Agribusiness Operations

(18,475)

(3,054)

Enterprise Software

(2,709)

Corporate

(6,055)

(7,748)

Loss Before Taxes

$ (27,173)

$ (17,537)

Income tax benefit

898

1,073

Loss from discontinued operations, net of income taxes

(4,606)

Loss attributable to noncontrolling interests

3,590

741

Net Loss

$ (22,685)

$ (20,329)

SECOND QUARTER SEGMENT RESULTS OF OPERATIONS

For the second quarter of 2013, PICO reported a net loss of $7.7 million ($0.34 per share), compared to a net loss of $15.4 million ($0.68 per share) in the second quarter of 2012. Our second quarter segment results of operations are (in thousands):

2013

2012

REVENUE BY OPERATING SEGMENT:

Water Resource and Water Storage Operations

$ 24,848

$ 355

Real Estate Operations

27,991

1,589

Agribusiness Operations

44,914

9,658

Enterprise Software

5,597

Corporate

1,857

948

Total Revenue

$ 105,207

$ 12,550

INCOME (LOSS) BEFORE TAXES BY OPERATING SEGMENT:

Water Resource and Water Storage Operations

$ 4,677

$ (1,817)

Real Estate Operations

(1,758)

(2,411)

Agribusiness Operations

(8,760)

(2,528)

Enterprise Software

(1,559)

Corporate

(2,213)

(3,848)

Loss Before Taxes

$ (9,613)

$ (10,604)

Income tax benefit (provision)

114

(125)

Loss from discontinued operations, net of income taxes

(5,224)

Loss attributable to noncontrolling interests

1,790

520

Net Loss

$ (7,709)

$ (15,433)

PICO's President and Chief Executive Officer, John Hart, commented on developments in the Company's Operating Segments in 2013 to date: